International legal practice Norton Rose LLP has advised Barclays Capital as arranger on the establishment by Piraeus Bank S.A. of a €3 billion covered bond programme, as well as the first issue of €1,250,000,000.

Piraeus Bank S.A. simultaneously issued the first series of covered bonds under the programme (Series 1 €1.25 billion floating rate covered bonds due 2014) which have been listed on the regulated market of the Luxembourg Stock Exchange and have been assigned a rating of “A-” by Fitch Ratings Limited.

Sandrine Sauvel, London based capital markets partner at Norton Rose LLP, commented:

“This was an exciting deal to work on in challenging market conditions. In the context of the recent rating agency actions in Greece, it was particularly pleasing to have closed the transaction for Piraeus Bank S.A. and Barclays Capital.  

“We have been actively involved in Piraeus Bank S.A. transactions for over five years and so it is highly satisfying to complete another landmark deal in the Greek market, which continues to be a key focus of our Southern European capital markets practice. The establishment of this covered bond programme and the inaugural trade off it further demonstrate the range of expertise and depth of our expanding capital markets practice. ”

The Norton Rose LLP team was led by London based capital markets partner Sandrine Sauvel, with assistance from senior associates Bertrand Bonnardel and Simon Thompson. London based capital markets partner Kate Alliott advised Citicorp Trustee Company Limited as the trustee.

Moratis Passas advised Barclays Capital as to Greek law.  Piraeus Bank S.A. was advised by Clifford Chance as to English law and Dracopoulos & Vassalakis LP as to Greek law.